By Devika Patel
Knoxville, Tenn., Nov. 2 - Spot Coffee (Canada) Inc. said it has arranged a C$3 million non-brokered private placement of units.
The company will sell up to 15 million units of one common share and one half-share warrant at C$0.20 apiece. Each whole warrant is exercisable at C$0.25 for three years.
Proceeds will be used to expand Spot's suite of cafes, for working capital and to create a central kitchen in Toronto.
Spot Coffee, formerly Award Capital Corp., is based in Toronto. The company designs, builds and operates community-oriented cafes.
| Issuer: | Spot Coffee (Canada) Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | Up to C$3 million
|
| Units: | Up to 15 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.25
|
| Warrant expiration: | Three years
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: SPP
|
| Stock price: | C$0.11 at close Oct. 30
|
| Market capitalization: | C$2.85 million
|
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